May 26, 2016 14:25
7 yrs ago
12 viewers *
French term
Clause de Respiration
French to English
Bus/Financial
Law: Contract(s)
Respiration du management
Mise en place d’une clause de respiration de €3.0m uniquement pour les managers ayant réinvesti au moins 75% de leur produit de cession à la clôture de la transaction avec XXX et YYY. Cette respiration respectera les principes suivants:
• Cette clause de respiration devra être exercée avant le 30 Juin 2019 sur la base des chiffres de l’année fiscale de 2018.
• La valorisation sera fondée sur la Valeur de Marché des titres détenus par ces managers
Mise en place d’une clause de respiration de €3.0m uniquement pour les managers ayant réinvesti au moins 75% de leur produit de cession à la clôture de la transaction avec XXX et YYY. Cette respiration respectera les principes suivants:
• Cette clause de respiration devra être exercée avant le 30 Juin 2019 sur la base des chiffres de l’année fiscale de 2018.
• La valorisation sera fondée sur la Valeur de Marché des titres détenus par ces managers
Proposed translations
(English)
| 4 +1 | the relief in a lock-up provision |
Francois Boye
|
| 3 | injunctive relief clause |
Bailey_Pepper
|
| 2 +1 | lock-in exemption |
kempo
|
References
| Two possible meanings in French |
Didier Fourcot
|
Proposed translations
+1
1 day 8 hrs
Francois Boye
United States
United States
Native in French
United States
An economic geek with social skills
Native in: French 
Works in: English to French, French to English, Spanish to English, and 1 more.
Related KudoZ points
:
36
Selected
the relief in a lock-up provision
20. What restrictions on the transfer of shares by shareholders are commonly contained in the investment documentation?
The shareholders' agreement usually provides for a right of first refusal (droit de preemption), different to the pre-emption right (see Question 22), forcing a shareholder willing to sell its shares to first offer them to the other shareholders. This right may be granted with various priorities by different categories of shareholders (founders, investors and others).
Founders are often subject to a lock-up period for the term of either their claw-back obligation or the liquidity period. This lock-up often includes an exception for up to 10% of a given founder's shares (clause de respiration).
Claw-back or good and bad leaver obligations are for terms of up to five years, and are commonly restricted to resignation and dismissal for gross negligence.
The shareholders' agreement usually provides for a right of first refusal (droit de preemption), different to the pre-emption right (see Question 22), forcing a shareholder willing to sell its shares to first offer them to the other shareholders. This right may be granted with various priorities by different categories of shareholders (founders, investors and others).
Founders are often subject to a lock-up period for the term of either their claw-back obligation or the liquidity period. This lock-up often includes an exception for up to 10% of a given founder's shares (clause de respiration).
Claw-back or good and bad leaver obligations are for terms of up to five years, and are commonly restricted to resignation and dismissal for gross negligence.
4 KudoZ points awarded for this answer.
Comment: "Thank you - your suggestion and explanation were very helpful :)"
10 mins
Bailey_Pepper
United States
United States
Native in English
Specializes in field
United States
Efficient, Versatile and Professional
Native in: English
Works in: French to English, Italian to English, Spanish to English
Related KudoZ points
:
4
injunctive relief clause
That seems to make sense.
+1
1 hr
lock-in exemption
Hello, the link below may explain what this is about. I don't think "injunctive relief clause" is right, and it seems that "clause de respiration" has different meanings in French. Here it seems to mean some kind of exemption from director-shareholders' lock-in requirements (they can sell their shares early if they reinvest part of the money in the company), so maybe something like "lock-in exemption" would be more appropriate.
Reference:
http://www.le-droit-des-affaires.com/inalienabilite-dactions-ou-parts-sociales-article60.html
Peer comment(s):
| agree |
philgoddard
: I think the asker should have Googled this - it's very easy to find a translation.
23 hrs
|
Reference comments
2 hrs
Reference:
Two possible meanings in French
The first one is probalby out of context, this is to allow the employees to change additional retirement provider in case of merger or acquisition of their organization; it is defined by law:
https://www.legifrance.gouv.fr/affichIDCC.do;jsessionid=2CF2...
the other one is more likely to be the one at had, this is a way to sell for specific causes the shares held by founders or partners when these shares are covered by an other clause of inalienability:
http://www.martinlavigne.fr/creer-ou-reprendre-a-plusieurs-o...
3.2 Inaliénabilité
La maîtrise de l'actionnariat peut également passer par une clause d'inaliénabilité, empêchant les actionnaires concernés de céder leurs titres pendant une période déterminée. Cette clause doit être justifiée et limitée dans le temps. Elle est interdite dans les SARL.
Lorsque cette obligation est imposée par un investisseur aux fondateurs, ceux-ci peuvent néanmoins demander l'insertion d'une clause de respiration dans les statuts. Ainsi, ils se réservent le droit de céder une quote-part de leurs titres à certaines conditions.
https://www.legifrance.gouv.fr/affichIDCC.do;jsessionid=2CF2...
the other one is more likely to be the one at had, this is a way to sell for specific causes the shares held by founders or partners when these shares are covered by an other clause of inalienability:
http://www.martinlavigne.fr/creer-ou-reprendre-a-plusieurs-o...
3.2 Inaliénabilité
La maîtrise de l'actionnariat peut également passer par une clause d'inaliénabilité, empêchant les actionnaires concernés de céder leurs titres pendant une période déterminée. Cette clause doit être justifiée et limitée dans le temps. Elle est interdite dans les SARL.
Lorsque cette obligation est imposée par un investisseur aux fondateurs, ceux-ci peuvent néanmoins demander l'insertion d'une clause de respiration dans les statuts. Ainsi, ils se réservent le droit de céder une quote-part de leurs titres à certaines conditions.
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